The down sloping 20-week EMA and the RSI below 40 levels show that the path of least resistance is to the downside. The bearish view will be invalidated if the bulls quickly push the price above $3.8723 and scale the$4.49 mark. A trend change will be signaled if the digital currency breaks out of the $6.8299 range. BTC/USD Last year after Thanksgiving, Bitcoin (BTC) started its scorching rally that peaked at$19,531.9, rising 144 percent within a month. However, this year, the digital currency is in a firm bear grip and is struggling to hold on to support levels.

Many have declared that the crypto bubble has burst and it’s all downhill from here. Bitcoin, however, has seen worse falls than these in the past and has recovered on every occasion.

The launches of Intercontinental Exchange-backed trading platform Bakkt and a crypto asset custody service by Fidelity in 2019 are poised to attract the institutional money that has been slow to enter the asset class. A favorable decision on a Bitcoin exchange-traded fund (ETF) in the U.S. could also result in the start of a new uptrend.

The BTC/USD pair extended its downtrend and easily broke below the minor resistances of $5,450 and$5,000. Though the next logical support is way lower at $2,974–$3,504.99, we expect some support close to the $4,100 mark. The RSI is about to enter into the oversold territory for the first time since January 2015, which shows the extent of damage in the current fall. Any recovery will face a slew of resistances at$5,000, $5,450 and at$5,900. It is risky to try to catch a falling knife; hence, traders should wait for the virtual currency to find some buying support before entering long positions.

IOTA/USD

In a series of blog posts, the IOTA (MIOTA) foundation has announced that it is looking to remove the so-called Coordinator from the IOTA network. As the Foundation claims, this move will be a major step towards decentralization for the protocol.

Recently automotive industry app developer High Mobility announced a partnership with IOTA. Under the new collaboration, developers at High Mobility will build new types of mobility apps based on IOTA’s ledger.

The bears broke below the support at $0.4037 and continued lower, touching an intraweek low of$0.28. Currently, the MIOTA/USD pair is attempting to climb above $0.3193. The down sloping 20-week EMA and the RSI in the negative territory show that every pullback will be met with selling pressure. If the support at$0.28 breaks, the fall can extend to the next lower level at $0.1427, with a minor support close to$0.23 levels.

On the other hand, if the price recovers from the current levels and rises above \$0.4037, the digital currency might consolidate for a few weeks before attempting to start a new uptrend. We suggest traders wait for the trend to change before buying.

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